SL Green Realty (NYSE:SLG) Shares Down 5.3% - Here's Why

Shares of SL Green Realty Corporation (NYSE:SLG - Get Free Report) were down 5.3% during trading on Thursday . The company traded as low as $60.22 and last traded at $60.52. Approximately 758,398 shares changed hands during trading, a decline of 14% from the average daily volume of 882,357 shares. The stock had previously closed at $63.91.

Analysts Set New Price Targets

A number of research firms have weighed in on SLG. Piper Sandler reduced their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Barclays decreased their price target on shares of SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 30th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of SL Green Realty in a research report on Friday, May 23rd. Wall Street Zen lowered shares of SL Green Realty from a "hold" rating to a "sell" rating in a research note on Saturday, May 24th. Finally, Wells Fargo & Company decreased their target price on shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a research report on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $65.60.

SL Green Realty Stock Down 0.4%

The stock's fifty day moving average price is $61.06 and its 200-day moving average price is $60.16. The company has a market capitalization of $4.28 billion, a price-to-earnings ratio of -111.04 and a beta of 1.65. The company has a quick ratio of 2.85, a current ratio of 2.72 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, topping the consensus estimate of $1.37 by $0.26. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%. The company had revenue of $147.54 million during the quarter, compared to the consensus estimate of $171.24 million. During the same period in the previous year, the company posted $2.05 EPS. The firm's revenue for the quarter was up 8.6% compared to the same quarter last year. On average, sell-side analysts predict that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $0.2575 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.03 dividend on an annualized basis and a yield of 1.72%. SL Green Realty's payout ratio is currently -572.22%.

Insider Transactions at SL Green Realty

In other news, Director Carol N. Brown sold 2,500 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $60.61, for a total value of $151,525.00. Following the transaction, the director owned 937 shares in the company, valued at $56,791.57. This trade represents a 72.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.04% of the company's stock.

Institutional Trading of SL Green Realty

Institutional investors have recently added to or reduced their stakes in the stock. Norinchukin Bank The boosted its position in SL Green Realty by 6.6% during the 4th quarter. Norinchukin Bank The now owns 3,117 shares of the real estate investment trust's stock valued at $212,000 after buying an additional 192 shares during the period. Quadrant Capital Group LLC boosted its stake in SL Green Realty by 37.4% during the 4th quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust's stock valued at $52,000 after purchasing an additional 208 shares during the last quarter. Mackenzie Financial Corp grew its position in SL Green Realty by 4.7% in the 1st quarter. Mackenzie Financial Corp now owns 5,324 shares of the real estate investment trust's stock worth $307,000 after purchasing an additional 240 shares during the period. Nissay Asset Management Corp Japan ADV raised its position in SL Green Realty by 2.5% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 10,257 shares of the real estate investment trust's stock worth $592,000 after acquiring an additional 247 shares during the period. Finally, Natixis Advisors LLC raised its stake in shares of SL Green Realty by 1.3% in the fourth quarter. Natixis Advisors LLC now owns 21,820 shares of the real estate investment trust's stock worth $1,482,000 after buying an additional 284 shares during the period. Hedge funds and other institutional investors own 89.96% of the company's stock.

About SL Green Realty

3SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.